Market solution

A growing majority of American citizens realize that climate change is real and immediate action must be taken. Last month, a bipartisan group of U.S. representatives introduced HR 7173, the Energy Innovation and Carbon Dividend Act of 2018, which is designed to reduce carbon dioxide emissions from fossil fuels by 50 percent within 20 years, and by at least 80 percent by 2050.

The mechanism of the bill is called carbon fee and dividend. Fossil fuel producers would pay fees on carbon dioxide emissions their fuels generate, starting at $15 per ton and rising $10 per year.

All the money collected from these fees would be distributed equally to the American people. None would be kept by the federal government.

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Free-market pressures would cause individuals and companies to reduce their carbon footprints to avoid the ever-rising fees. They would incentivize energy conservation and investment in alternative energy.

HR 7173 would create American jobs and accelerate economic growth — an estimated 2.8 million additional jobs and $1.3 trillion over 20 years. So the bill would be a win for the environment, the economy and the American family.

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